Charlie Munger, the famous investor and the vice chairman of Berkshire Hathaway, calls buying crypto a ‘stupid’ and ‘ridiculous’ act. He also said that people opposed to banning cryptocurrencies are ‘idiots.’ This is not the first time Munger has made such harsh statements about crypto. A while back, he even compared it to rat poison. His colleague Warren Buffet has also been one of the strongest anti-crypto advocates.
Charlie Munger on cryptocurrencies and replacing national currencies
He also made a comparison saying that replacing national currencies with crypto is like replacing air calling the entire idea ‘massively stupid.’ In a recent interview with CNBC, Charlie did not leave any chances to hurl insults at the crypto industry. He believes that crypto should be directly banned, and those who oppose the same do not have any actual argument as to why.
To the 99-year-old novice investor buying crypto is an idiotic act beyond his comprehension. This makes sense because the idea of investing in crypto goes against how he has been investing.
Coming to why Charlie is so opposed to replacing national currencies is the simple point that they have helped the human race progress so far. Currencies have enabled humans to move from the barter system to a much more convenient exchange. Therefore, according to Charlie, building something to replace national currency is like replacing air.
He even questioned the government to permit it, saying it is just crap, completely worthless, dangerous and will do more harm than good.
Charlie, on China’s decision
Munger even said that the US is wrong and China is right in banning crypto. Charlie has so much hatred for the crypto industry that he says it is an exception for which he will not even hear any positive points. The only thing to do with it is to avoid them. He also said, “It’s totally, absolutely crazy, stupid gambling with enormous house odds for the people on the other side, and they cheat … It’s just crazy.”
What are your thoughts as Charlie Munger calls buying crypto ‘stupid’ and belittles the entire industry? And do you think this is because he is holding on to his old investment ideologies? Let us know in the comments below. And, if you found our content information, share it with your family and friends.